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Nuveen Real Estate divests majority stake in Brisbane’s Mt Ommaney Shopping Centre

Mt Ommaney Shopping Centre

Nuveen Real Estate divested its 75% interest in Mt Ommaney Shopping Centre in Brisbane, Australia, in May, for $285 million, providing a key benchmark for high-quality retail property values amid the economic slowdown.

The share was acquired by YFG Shopping Centres, which added to its existing minority interest in the shopping centre to assume full control of the asset, which has a total GLA of 56,469 sq m, over 20,000 sq m larger than the next most significant retail centre.

Nick Evans, Nuveen Real Estate Head of Asia Pacific said: “The exit price reflects a premium-to-book value and is an excellent outcome as we reweight our core portfolio towards more defensive sectors such as the logistics, housing and commercial real estate debt sectors. The disposal further illustrates our growing track record and skillsets in this highly sophisticated market in spite of ongoing headwinds for the retail sector.”

CBRE negotiated the transaction on behalf of Nuveen Real Estate.

“Strategic, off-market transactions, such as this, reinforce the ability for retail owners to secure competitive pricing outcomes in the current market,” said Simon Rooney, CBRE’s Head of Retail Capital Markets – Pacific.

“We expect this trend to continue, as investors seek out high-quality, rarely-traded retail opportunities offering attractive return parameters.”

The acquisition by YFG follows its initial purchase late last year from Vicinity Centres of a 25% stake in the Mt Ommaney shopping complex.

The centre is anchored by a triple supermarket offer of Coles, Woolworths and ALDI, together with a triple discount department store offer of Kmart, Big W and Target.

Nuveen Real Estate’s other retail assets in Australia include a half stake in the Greenwood Plaza in North Sydney and a 33 per cent stake in Myer Bourke Street, Melbourne.

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